Whereas the Oamaru Harbour Board (hereinafter called the Board) is the registered proprietor of the lands situated in the Borough of Oamaru and described in Schedule 1:
And whereas portion of the said lands is used for access purposes and is known as Harbor Street:
And whereas the Board is desirous of dedicating portion of the said access land known as Harbor Street as a public street, and of granting a lease of the remaining portion of the said access land:
And whereas doubts have arisen as to whether such a dedication would be valid in law, Harbor Street being only 50 links in width, and as to the powers of the Board to grant such lease, and it is desirable that such doubts be removed:
And whereas the Oamaru Borough Council (hereinafter called the Council) is prepared to accept the dedication of Harbor Street (hereinafter called the said street) as a public street on condition that two-thirds of the cost of reconstruction of the said street to a permanently maintainable standard at the present width of the street, together with two-thirds of the appropriate legal expenses in connection with such dedication, are defrayed by the Board and its tenants and the remaining one-third by the Council:
And whereas doubts have arisen as to whether the Board and the Council may each lawfully expend or contribute one-third of the cost of reconstruction of the said street and of such legal expenses out of their funds, and it is desirable that such doubts be removed.